North Carolina § 1-339 - 1. Definitions.

§ 1-339. 1. Definitions.

A judicial sale is a sale of property made pursuant to an order of a judge or clerk in an action or proceeding in the superior or district court, including a sale pursuant to an order made in an action in court to foreclose a mortgage or deed of trust, but is not A sale made pursuant to a power of sale Contained in a mortgage, deed of trust, or conditional sale contract, or Granted by statute with respect to a mortgage, deed of trust, or conditional sale contract, or A resale ordered with respect to any sale described in subsection (a)(1), where such original sale was not held under a court order, or An execution sale, or A sale ordered in a criminal action, or A tax foreclosure sale, or A sale made pursuant to Article 15 of Chapter 35A of the General Statutes, relating to sales of estates held by the entireties when one or both spouses are mentally incompetent, or A sale made in the course of liquidation of a bank pursuant to Article 9 of Chapter 53C of the General Statutes, or A sale made in the course of liquidation of an insurance company pursuant to Article 30 of Chapter 58 of the General Statutes, or A lease, sale, or exchange made pursuant to G.S. 35A-1251(17) or G.S. 35A-1252(14), unless any order thereunder requires, or Any other sale the procedure for which is specially provided by any statute other than this Article. As hereafter used in this Article, "sale" means a judicial sale. History (1949, c. 719, s. 1; 1971, c. 268, s. 16; 1987, c. 550, s. 12; 1989, c. 473, s. 10; 2003-221, s. 4; 2012-56, s. 5.) Cross References. - As to execution sales, see G.S. 1-339.41 through 1-339.71. As to sales under power of sale, see G.S. 45-21.1 through 45-21.33. As to enforcement of judgments, and exemptions, see G.S. 1C-1601 et seq. Effect of Amendments. - Session Laws 2012-56, s. 5, effective October 1, 2012, substituted "Article 9 of Chapter 53C of the General Statutes" for "G.S. 53-20" in subdivision (a)(7). Legal Periodicals. - For a brief discussion of this Article, see 27 N.C.L. Rev. 479 (1949). For comment, "Attacking the 'Forfeiture as Liquidated Damages' Clause in North Carolina Installment Land Sales Contracts as an Equitable Mortgage, Penalty and Unfair and Deceptive Trade Practice," see 7 N.C. Cent. L.J. 370 (1976). For article on North Carolina receivership statutes applicable to insolvent debtors, see 17 Wake Forest L. Rev. 745 (1981). For comment, "'A Topsy-Turvy World': High Point Bank & Trust Co. v. Highmark Properties, LLC and the Modern Application of the Fair Market Value Offset Defense," see 95 N.C.L. Rev. 857 (2017).